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Boskalis jaarverslagen 2012

Towage & Salvage

Towage: towage services and berthing and unberthing of oceangoing vessels in ports and at offshore terminals, management and maintenance both above and below the surface of onshore and offshore oil and gas terminals and associated maritime and management services.Salvage: providing assistance to vessels in distress, wreck clearance, environmental care services and advice.

towage & salvage 2013 2012
(in millions of EUR)    
Revenue 531 533
EBITDA 145.5 142.0
Operating result 83.4 74.0
Order book 650 610

Revenue

Revenue in the Towage & Salvage segment was EUR 531 million in 2013 (2012: EUR 533 million).

Boskalis provides towage services in the port of Rotterdam and in countries including Belgium, Brazil, Panama, Canada and Singapore. In early October the harbour towage activities in Gladstone (Australia) were transferred to Smit Lamnalco. The elimination of these activities as well as currency translation effects contributed towards a slight decline in the revenue of the harbour towage activities compared to 2012.

Boskalis is also active, mainly through its 50% stake in Smit Lamnalco, in providing towage and additional services in connection with offshore terminals, often under long-term contracts. The addition of the activities in Gladstone, Australia, as well as a good revenue contribution from contracts in Russia and Iraq enabled Smit Lamnalco to realize a rise in revenue.

Salvage had a busy first half of the year followed by a somewhat quieter second half. Noteworthy projects, which were all completed successfully, included the refloating of the Kulluk Arctic drilling rig in Alaska, the salvage operation involving the broken container ship the MOL Comfort in the Arabian Sea, the removal of oil from a jack-up rig in Angola and from a cape size bulker off the coast of South Africa and the wreck clearance of a capsized jack-up rig in Brazil.

Segment result

The operating result, including the proportionate consolidation of associates, was EUR 83.4 million (2012: EUR 74.0 million).

Order book

The order book grew to EUR 650 million (end-2012: EUR 610 million) and contains solely terminal contracts. In February 2014 Boskalis won the contract for the removal of a damaged jack-up rig from the seabed off the coast of Angola. In the same month Boskalis was notified of the intention to award it the contract for the removal of the wreck of the car carrier Baltic Ace which sank in the North Sea. Equipment belonging to various Boskalis business units, including Dockwise, will be deployed on the salvage operation.

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